If you and your spouse started a business during the marriage, the business will need to be valued and distributed during the divorce proceeding.
You and your spouse may agree to the valuation of the business based on the business’s real estate, property, revenues, equipment, inventory, cash, debts, and goodwill. If, however, you are unable to come to an agreement regarding the value of the business, you may wish to hire an Expert Witness to value the business. Oftentimes, each party will hire its own Expert Witness for the purpose of establishing the value of the business. Your Expert Witness will have expertise in appraising businesses and will be able to analyze the business records to determine the future earnings of the business to establish a value of the business at the time of divorce.
Based on the evidence provided to the Court, the Court will determine the value of the business. The next step is to distribute the business to one or both of the parties. The Court will likely consider the role each spouse played in acquiring, starting, building, and running the business. The Court will also consider whether the business existed before the marriage, the value each spouse brings to the business, whether one spouse borrowed family funds to contribute to the business, and the ability of each individual to run the business without the other.
Even if the Court awards the business to one spouse solely, the entire distribution of marital property, which may include the marital business, will still need to be equitable. As such, the Court may award the business to one spouse, and the marital home and retirement funds to the other spouse to reach equity.
A Family Law Trial Lawyer familiar with this unique situation will be able to review your specific circumstances and advocate for your desired goals.
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